Former BitMEX CEO Arthur Hayes significantly upgraded his Ethereum price forecast for 2024, projecting the cryptocurrency could reach $10,000 by year-end. This more-than-doubled his prior projection of $4,000-$5,000, reflecting accelerated confidence in Ethereum’s growth trajectory.
The optimism arose as Ethereum climbed to a yearly high of $3,844, though the asset remained below its 2021 peak of $4,878. Institutional interest surged simultaneously, with Ethereum exchange-traded funds (ETFs) attracting a record weekly inflow of $2.1 billion.
Hayes attributed Ethereum’s bullish potential to macroeconomic catalysts including credit expansion and liquidity growth. In a related prediction, he forecasted Bitcoin could hit $250,000 by December 2024 and assigned a 60% probability to Ethereum exceeding its previous all-time high within the year.